Drinking Water State Revolving Loan Fund
This program provides funds to repair or improve existing privately-owned drinking water systems.
Eligibility
- Privately-owned community water systems;
- Privately-owned nonprofit, non-community public water systems;
- Borrowers must be reviewed and recommended by the Agency of Natural Resources.
Use of Proceeds
- Obtain requisite permits, design, plan, construct, repair or improve an existing eligible water system to comply with federal and state standards.
Loan Rates and Terms
- Term of up to 20 years – up to 30 years for nonprofit community systems serving low-income residents;
- Repayment deferred for one year from completion of project;
- Administrative fees in lieu of interest rates are set for each project based on the average household income of the water system users, and range from 3% to minus 3%.
Fees
- No fees are charged.
Application Process
- All loans are approved by VEDA and the Agency of Natural Resources;
- Applicants are advised to discuss their proposed project with the Agency of Natural Resources and VEDA Staff prior to submitting an application;
- Applications may be downloaded or obtained from either the VEDA office, or the Agency of Natural Resources.